REG - Volex PLC - Completion of Acquisitions

VolexAnnouncement

04/01/2022 07:00

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RNS Number : 2473X  Volex PLC  04 January 2022

4 January 2022

Volex plc

("Volex" or the "Company")

 

Completion of Acquisitions - Prodamex and TC

 

Volex plc (AIM:VLX), the global supplier of integrated manufacturing services
and power products, today announces the completion of the Prodamex SA de CV
("Prodamex") and Terminal & Cable TC Inc. ("TC") acquisitions following
receipt of requisite regulatory approvals.  Prodamex and TC have been
acquired for a total cash consideration of CAD$22.5 million (USD$17.8 million)
funded from the Company's existing debt facilities.

Prodamex operates from an advanced manufacturing facility serving customers in
Mexico, USA and Canada. It brings to Volex additional higher volume
manufacturing capability in Central Mexico, complementing the existing
manufacturing plants in Tijuana and Juarez, providing customers with
additional sourcing flexibility and production capacity.

TC's facility in Quebec, Canada provides Volex with ruggedised wire harness
manufacturing capabilities focusing on the attractive "off-highway" market
sector, supporting defence, industrial, agricultural and construction
machinery customers.

Commenting on the acquisitions, Nat Rothschild, Executive Chairman of Volex
said:

"The completion of the Prodamex and TC acquisitions increases our geographic
coverage and technical capabilities in the key North American market. TC
provides further expansion into defence markets following our recent
acquisition of Irvine Electronics while Prodamex complements our strong,
global proposition for domestic appliance manufacturers, giving us added scale
and reach. The acquisitions support our strategy of developing Volex's
presence in attractive sectors where we can leverage our expertise and global
reach to achieve profitable growth."

 

For further information please contact:

Volex
plc
                                    +44 (0) 7971 156 431

Nat Rothschild, Executive Chairman

Jon Boaden, Chief Financial Officer

Christian Bedford, Group General Counsel and Company Secretary

Singer Capital Markets - Nominated Adviser & Joint Broker
   +44 (0)20 7496 3000

Shaun Dobson

George Tzimas

HSBC Bank plc - Joint
Broker
+44 (0)20 7991 8888

Simon
Alexander

Joe
Weaving

Powerscourt - Media Enquiries
                                   +44 (0)20 7250 1446

James
White

Ollie Head

 

About Volex

Volex plc (AIM:VLX) is a global leader in integrated manufacturing for
performance-critical applications and a supplier of power products. We serve a
diverse range of markets and customers, with particular expertise in cable
assemblies, higher-level assemblies, data centre power and connectivity,
electric vehicles, and consumer electricals. We are headquartered in the UK
and operate from 20 manufacturing locations with a global workforce of over
6,900 employees across 22 countries. Our products are sold through our own
locally based sales teams and through authorised distributor partners to
Original Equipment Manufacturers ('OEMs') and Electronic Manufacturing
Services ('EMS') companies worldwide. All of the products and services that we
offer are integral to the increasingly complex digital world in which we live,
providing power and connectivity from the most common household items to the
most complex medical equipment. For more information, please
visit www.volex.com (http://www.volex.com/)

ENDS

 

 

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